Cabo Verde: African Development Bank Group Approves 30 Million Euros Loan To Fight COVID-19

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

List of latest Ponzi schemes in Nigeria

These are the latest and past Ponzi scams and shady investment products that Nigerians are putting their monies into. What...

The Board of Directors of the African Development Bank has extended a loan of €30 million to Cabo Verde to help the West African island nation fight the COVID-19 outbreak and mitigate its economic impacts.

The loan, approved on 26 May, will be used to fund the country’s health and social response, support macro-economic stability, and assist the private sector.

As of 27 May, Cabo Verde had reported 390 infections, 155 recoveries and four deaths. Only one of the country’s 10 islands has been affected, namely Santiago, home to the capital city Praia. Cabo Verde is currently focusing on restarting economic activities gradually and the Bank’s support will help the country achieve that in a safer manner.

The Bank noted that while Cabo Verde’s health system was better equipped than that of many countries in the region, it could do with additional capacity in the face of the health crisis.

- Advertisement -

The pandemic has halted Cabo Verde’s recent strong economic performance. In 2019, its GDP grew by 5 percent. The country, which relies heavily on the blue economy and tourism, is expected to see its economic output contract by 4 percent in 2020.

The Bank funding will support a commitment from authorities to increase the number of ventilators from 20 to 86 in isolation rooms, and in total from 35 to 130 by mid-June.

A social inclusion income program will be expanded to reach a total of 8,000 vulnerable and woman-headed households, out of an estimated 9,000 households living in extreme poverty. Currently, 5,000 households are receiving such support.

Read Also:  Agribusiness could be the next gate to youth employment in Africa

In addition, a scheme will be established to partially fund the wages of furloughed workers from affected businesses. Temporarily suspended employees will receive 70 percent of full wages for the duration of the crisis.

- Advertisement -

The funding forms part of the Bank’s $10 billion COVID-19 Crisis Response Facility, approved by the Board of Directors on 8 April this year.

The Bank said containment measures had slowed the spread of the pandemic in Cabo Verde.

Measures to contain the virus are expected to have a disproportionate impact on certain segments of the population, which may deepen inequality. Young people in particular stand to be affected, given their already high rate of unemployment and underemployment. Women, who make up a disproportionate segment of affected sectors like services, are also a high-risk group, along with those at the front line of the pandemic in professions like nursing. Other vulnerable groups include unprotected workers, such as those who are self-employed, or in key formal sectors like tourism.

The government of Cabo Verde has created a National Technical Intervention and Response Team, and is budgeting for an increase in the number of key medical equipment and salaries for further medical staff.

- Advertisement -
Read Also:  Aviation Relief for African Airlines Critical as COVID-19 Impacts Deepen

The Ministry of Health and Social Security approved the COVID-19 National Contingency Plan in January, detailing strategies for all stages of the pandemic, responsibilities, priorities and action plans across all levels of government.

- Advertisement -
Cabo Verde: African Development Bank Group Approves 30 Million Euros Loan To Fight COVID-19Cabo Verde: African Development Bank Group Approves 30 Million Euros Loan To Fight COVID-19

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cabo Verde: African Development Bank Group Approves 30 Million Euros Loan To Fight COVID-19Cabo Verde: African Development Bank Group Approves 30 Million Euros Loan To Fight COVID-19

Latest News

Nigeria H2’20 Outlook – The viral shock

The year 2020 has been a struggle. A global pandemic is in full swing and is poised to upend...

BUA Group to set up 3 million Metric-ton Cement Company, 50MW Power Plant in Adamawa

The Bua Group announced that it is set to establish a three million metric tonnes cement plant and 50 megawatts power plant in Guyuk...

Economic Slowdown – Quick Response But No Quick Fix (LBS Executive Breakfast Session – July 2020)

Nigerian manufacturers are mostly anxious about two things today: How long will the pandemic lockdown continue before demand for my products recover? (X) - Unknown When will...

Equities Market: Lagos Bourse Plunges by 1.98% amid Sell-Offs

In the just concluded week, the domestic equities market closed in red amid renewed selloffs as investors took profit on stocks such as GLAXOSMITH,...

Naira Gains Against USD at I&E FXW Despite Dwindling External Reserves

In the just concluded week, Naira appreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.09% to close at...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Cabo Verde: African Development Bank Group Approves 30 Million Euros Loan To Fight COVID-19Cabo Verde: African Development Bank Group Approves 30 Million Euros Loan To Fight COVID-19